Hong Kong's securities industry net profits reached a five-year high of $71.7 billion in 2025, up 62% YoY, with transaction values surging to $219.0 trillion, reflecting strong market activity and resilience.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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SPOTLIGHT ON
FAMILY OFFICES
On March 31, 2026, pursuant to the Securities and Futures Commission’s ("SFC") financial review issued today, securities brokers in Hong Kong continued their strong financial performance into 2025, with total net profits surging 62% year-on-year ("YoY") to a five-year high of $71.7 billion. This earnings growth was supported by vibrant market activity, as the total value of securities industry transactions surged 52% YoY to $219.0 trillion, topping the previous high recorded in 2021.
Financial Performance Overview
Revenue growth remained balanced across all major business lines, registering double-digit percentages. Net securities commission income rose 50%, advisory and underwriting income increased 27%, and asset management-related income grew 30%. Total net profits for Stock Exchange of Hong Kong ("SEHK") participants totalled $35.4 billion in 2025, up 62% from the prior year. Category C brokers recorded the largest percentage increase in net profits, rising approximately 77% to $6.1 billion, while Category B brokers rose 67% to $16.8 billion, and Category A brokers saw net profits increase 49% to $12.5 billion.
Risk Management and Regulatory Commentary
The industry demonstrated healthy growth, with average collateral coverage increasing to 4.5 times from 3.9 times in 2024 alongside a 22% YoY rise in outstanding margin loans. Dr Eric Yip, the SFC’s Executive Director of Intermediaries, stated that the overall industry strength underpinned by revenue increases for all major segments reflects global investors’ growing conviction in the markets and the industry’s resilience. The SFC remains committed to supporting business diversification to ensure investor protection and the long-term healthy development of Hong Kong’s financial sector.
Regulatory Scope and Definitions
Note 1: The review covered securities dealers and securities margin financiers, referring to corporations licensed for dealing in securities or securities margin financing. Both SEHK participants and non-SEHK participants are included unless otherwise specified, and financial figures may include income from other regulated activities. Please refer to Table 1 of the review report for detailed financial data. Note 2: Total value of transactions includes trading in equities, bonds and other securities in Hong Kong and overseas. Note 3: SEHK participants are classified into Categories A, B and C on the basis of their monthly turnover on SEHK. Category C participants refer to the brokers ranked after 65th by monthly turnover. Please refer to Table 2 of the review report for detailed financial data.
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